COLUMBUS, Ohio, June 08, 2021 (GLOBE NEWSWIRE) – Worthington Industries, Inc. (NYSE: WOR) today announced the acquisition of certain assets of U.S. company BlankLight from Shiloh Industries® business, one of the leading providers of laser welded solutions that deliver material savings, weight and cost reductions and increased energy efficiency in the mobility market. The acquisition expands the capacity and capabilities of Worthington’s laser welded products joint venture, TWB Company, LLC, with the addition of three facilities and adds a cutting facility to its steel processing business.
“The demand for custom welded blanks and weight reduction technology is increasing and the acquisition of these Shiloh assets allows us to support this growth while adding new capabilities,” said the executive vice president and general manager of operating Worthington Industries, Geoff Gilmore. “Shiloh’s BlankLight expertise in curvilinear and aluminum welded blanks adds to TWB’s wide range of custom welded products, creating more value and innovation for our customers. Gilmore added, “It also expands our relationships with major automotive customers and expands the geographic reach of our steel processing business with an additional slitting operation. “
The transaction adds approximately 200 employees and four facilities located in Bowling Green, Ky., Canton, Michigan and two in Valley City, Ohio. TWB will operate laser welded blank facilities in Ohio and Michigan. The Kentucky facility will operate as part of the Worthington steel processing business, expanding the cutting services currently provided from its facilities in Monroe, Ohio and Porter, Ind ..
The purchase price was approximately $ 105 million, subject to closing adjustments. During calendar year 2020, the assets acquired generated net revenues of $ 170.5 million and Adjusted EBITDA of $ 20.5 million.
A presentation with more information on the acquisition is available in the Investor Relations section of the Company’s website.
About TWB Company, LLC
TWB is the North American market leader for custom welded products with eight locations in Kentucky, Michigan, Tennessee, Ontario and Mexico. Established in 1992, TWB Company is a joint venture between Worthington Industries and BAOSteel, with Worthington holding the majority of the shares. TWB’s financial results are consolidated within the Worthington Steel Processing business segment. You can find more information about TWB at www.TWBCompany.com.
About Worthington Industries
Worthington Industries (NYSE: WOR) is a leading industrial manufacturing company providing innovative solutions to customers spanning many industries including transportation, construction, industry, agriculture, retail and l ‘energy. Worthington is the leading value-added steel processor and producer of laser welded products in North America; and one of the world’s leading suppliers of pressure cylinders and accessories for applications such as fuel storage, water supply systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye ™. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.
Headquartered in Columbus, Ohio, Worthington operates 53 facilities in 15 states and seven countries, sells in more than 90 countries and employs approximately 8,000 people. Founded in 1955, the company follows a people-centered philosophy, with the primary business objective of making money for its shareholders. By continually finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.
Safe Harbor Declaration
The Company wishes to take advantage of the safe harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act”). lead time, achieve growth in general and in specific markets, and other statements that are not historical information constitute “forward-looking statements” within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, including the overall success and the ability to integrate newly acquired businesses and joint ventures, to maintain and develop their customers, and to realize synergies and other expected benefits as well as cost savings. differ significantly include the risks described from time to time in documents filed by the Company with the Securities and Exchangers, including those related to COVID-19 and the various actions taken in this regard, which could also increase other risks.
SONYA L. HIGGINBOTHAM
VP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT
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MARCUS A. ROGIER
TREASURER AND RESPONSIBLE FOR INVESTOR RELATIONS
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200 Old Wilson Bridge Road. | Columbus, Ohio 43085